MBB Public Markets I LLC Purchases Shares of 3,407 NetApp, Inc. $NTAP

Key Points

• MBB Public Markets I LLC has purchased a new position in NetApp, Inc., acquiring 3,407 shares valued at approximately $299,000 in the first quarter.
• Analysts have generally maintained a neutral" rating for NetApp, with a consensus price target of $124.07, but several firms have adjusted their price objectives upwards.
• CEO George Kurian and EVP Elizabeth M. O'callahan sold a significant number of their shares, with Kurian's sale amounting to over $865,000, indicating recent insider selling activity.

MBB Public Markets I LLC acquired a new stake in shares of NetApp, Inc. (NASDAQ:NTAP - Free Report) in the first quarter, according to its most recent disclosure with the SEC. The firm acquired 3,407 shares of the data storage provider's stock, valued at approximately $299,000.

Other hedge funds have also recently modified their holdings of the company. Horizon Investments LLC increased its holdings in NetApp by 3.8% in the 1st quarter. Horizon Investments LLC now owns 2,919 shares of the data storage provider's stock valued at $255,000 after acquiring an additional 107 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. lifted its position in shares of NetApp by 54.9% in the first quarter. Migdal Insurance & Financial Holdings Ltd. now owns 350 shares of the data storage provider's stock worth $31,000 after buying an additional 124 shares in the last quarter. Hohimer Wealth Management LLC boosted its stake in NetApp by 0.4% during the first quarter. Hohimer Wealth Management LLC now owns 29,694 shares of the data storage provider's stock valued at $2,608,000 after buying an additional 131 shares during the last quarter. Nissay Asset Management Corp Japan ADV increased its stake in NetApp by 0.5% in the 1st quarter. Nissay Asset Management Corp Japan ADV now owns 26,827 shares of the data storage provider's stock worth $2,356,000 after acquiring an additional 137 shares during the last quarter. Finally, Brooklyn Investment Group increased its stake in NetApp by 25.6% in the 1st quarter. Brooklyn Investment Group now owns 902 shares of the data storage provider's stock worth $79,000 after acquiring an additional 184 shares during the last quarter. Hedge funds and other institutional investors own 92.17% of the company's stock.

Analyst Ratings Changes

NTAP has been the subject of a number of recent research reports. Northland Securities raised their target price on shares of NetApp from $119.00 to $120.00 and gave the company a "market perform" rating in a report on Thursday, August 28th. Bank of America lifted their price target on NetApp from $121.00 to $125.00 and gave the stock a "neutral" rating in a research report on Monday, August 25th. Citigroup upped their price objective on NetApp from $110.00 to $115.00 and gave the company a "neutral" rating in a research report on Monday, August 11th. Morgan Stanley set a $117.00 target price on NetApp in a report on Thursday, August 28th. Finally, Wells Fargo & Company decreased their price target on NetApp from $115.00 to $100.00 and set an "equal weight" rating on the stock in a report on Friday, May 30th. Seven investment analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company's stock. According to MarketBeat, NetApp currently has an average rating of "Hold" and a consensus target price of $124.07.

Insiders Place Their Bets

In related news, EVP Elizabeth M. O'callahan sold 1,000 shares of the company's stock in a transaction on Wednesday, September 10th. The stock was sold at an average price of $123.67, for a total value of $123,670.00. Following the transaction, the executive vice president directly owned 23,628 shares of the company's stock, valued at $2,922,074.76. This represents a 4.06% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO George Kurian sold 8,500 shares of the business's stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $108.85, for a total value of $925,225.00. Following the sale, the chief executive officer owned 283,688 shares in the company, valued at approximately $30,879,438.80. The trade was a 2.91% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 20,000 shares of company stock valued at $2,180,315 in the last three months. Insiders own 0.28% of the company's stock.

NetApp Stock Down 0.5%

NetApp stock traded down $0.66 during trading hours on Tuesday, reaching $123.50. The stock had a trading volume of 795,265 shares, compared to its average volume of 2,056,740. The company has a market cap of $24.65 billion, a price-to-earnings ratio of 21.77, a PEG ratio of 2.70 and a beta of 1.46. The business's 50 day moving average price is $109.89 and its 200-day moving average price is $99.96. NetApp, Inc. has a 52 week low of $71.84 and a 52 week high of $135.45. The company has a debt-to-equity ratio of 2.55, a current ratio of 1.31 and a quick ratio of 1.28.

NetApp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 22nd. Stockholders of record on Friday, October 3rd will be issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 1.7%. The ex-dividend date is Friday, October 3rd. NetApp's dividend payout ratio is currently 36.75%.

About NetApp

NetApp, Inc provides cloud-led and data-centric services to manage and share data on-premises, and private and public clouds worldwide. It operates in two segments, Hybrid Cloud and Public Could. The company offers intelligent data management software, such as NetApp ONTAP, NetApp Snapshot, NetApp SnapCenter Backup Management, NetApp SnapMirror Data Replication, NetApp SnapLock Data Compliance, and storage infrastructure solutions, including NetApp All-Flash FAS series, NetApp Fabric Attached Storage, NetApp E/EF series, and NetApp StorageGRID.